A brief history of the Big 4 Accounting Firms by small business accountant in Sydney Part 2
Last week, we looked at the roots and formations of two if the Big 4 firms – KPMG and Ernst and Young. This week, we, the business accounting in Sydney, rundown the originations of the other half of this illustrious group:
Deloitte Touche Tohmatsu: As it is more commonly known, Deloitte resulted as a series of mergers to become the powerhouse it is today. Starting with 1952, three individuals – William Deloitte, Charles Haskins and Elijah Sells merged to form the creatively named Deloitte Haskins and Sells. In 1975, Touche Ross merged with the Japanese firm Tohmatsu Awoki & co. Given the growth of these firms, in 1989, Deloitte Haskins & Sells merged with Touche Ross to form Deloitte & Touche, finally undergoing a name change to Deloitte Touche Tohmatsu in 1993. Now they are known by their first name – Deloitte.
PwC: The formation of PwC started with a firm called Price, Waterhouse & Co. in 1865. Fast forward to 1957 where a merger between major firms in UK, Canada & US saw the creation of Coopers & Lybrand. With the worldwide merger of Coopers & Lybrand with Price Waterhouse & Co., Price Waterhouse Coopers was born in 1998.
All four firms outlined in our discussion are major players in their industry. In terms of ranking in terms of overall revenue, PwC is first, followed by Deloitte, then EY and KPMG in last. While PwC and EY are based in the UK, Deloitte is based in the US and KPMG in Netherlands.
These are major players catering to companies worth hundreds of millions. As of late, a slowdown in traditional accounting jobs has forced them to look towards jobs of a consulting nature. However, there is no doubt that the rest of the firms have a long way to go in catching up with the Big 4.
Although these large companies seem unapproachable for small business in Sydney, should small business accounting in Sydney is needed, always contact m.a.s accountants, the small business accountant in Sydney. Not only we are small business friendly, we love small business accounting!